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NOW

ServiceNow, Inc.Close $119.36EOD only
Max Pain
$115.00
Next expiry Jun 5, 2026
Expected Move
±$3.80
3.2% from close
Price Gap
-4.36
Distance to max pain
IV Rank
86
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: Jun 4, 2026 close
End-of-day snapshot

This page reflects NOW options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 4, 2026 close
NOW Earnings Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Earnings Verdict

NOW earnings 47 days out; macro selloff and high VIX dominate. Historical 100% beat rate supports bullish bias, but near-term gamma pinning at $116 and call wall cap upside. Flow shows aggressive OTM call buying for 6/5 expiry.

Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.1% from MP; +0.5 VIX 22
Most important: Macro-driven IV and gamma pinning at $116 limit near-term moves despite strong earnings history.
📈Unusual OTM call volume on 6/5 expiry suggests aggressive bullish bet or hedging.
⚠️Long-dated put at $178 with extreme IV (153%) may be data error.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$92.00 — Approx — based on put OI concentration of 13,053 (18.2% below spot)

Earnings Overview

Next earnings: 2026-07-22 (47 days)explicit

Expected moves:

  • 2026-06-12 (7d): ±$8.60 (7.6%)
  • 2026-06-18 (13d): ±$11.30 (10.0%)
  • 2026-06-26 (21d): ±$14.15 (12.6%)

IV Setup

Term structure: Flat ~44-45%, front-end elevated by macro vol; earnings far out.

Crush estimate: Moderate post-earnings IV drop (~20-30%) expected.

Skew: Put skew elevated, especially in longer-dated puts; potential data error on $178 put IV 153%.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Typically moves inline; 100% beat rate suggests upside surprises.

Directional bias: Slightly bullish but tempered by macro headwinds.

Key Levels

1$92.00 gamma flip
2EM guardrails: 1w $103.85/$121.05
3Max pain pins: $116 (2026-06-05); $119 (2026-06-12); $108 (2026-06-18)

Flow Highlights

Heavy OTM call buying on 6/5 expiry: $116 and $117 calls with vol/oi >12x.

Aggressive bullish positioning for expiry, possibly closing or speculating on bounce.

Notable $111 put activity on 6/5 and 6/12 expiries.

Hedging or directional put buying near support.

Strategies

Iron Condor
Sell 2026-06-12 $110.00/$105.00 put wing and $120.00/$122.00 call wing
Credit: $1.87-$2.28
Max loss: $2.72
Max gain: $2.28
BE: 107.72 / 122.28
Trigger: Close early if pinning breaks; manage at 50% max gain.
Best for high IV and gamma pinning; premium decay with defined risk.
Outperforms: Sells OTM put/call wings to capture elevated IV and time decay.
Underperforms: Move outside short strikes invalidates range thesis.
Short Strangle
Sell 2026-06-12 $103.00 put + sell $122.00 call
Credit: $2.21-$2.70
Max loss: Unlimited
Max gain: $2.70
BE: 100.30 / 124.70
Trigger: Roll untested side if spot nears strike; set stop loss.
High premium collection but unlimited tail risk; wide wings mitigate.
Outperforms: Sells OTM put and call to profit from IV contraction and pinning.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Call Calendar
Sell 2026-06-12 $115.00 call / buy 2026-07-17 $115.00 call
Debit: $5.00-$6.11
Max loss: $6.11
Max gain: Variable
BE: Path-dependent
Trigger: Adjust strikes if trend shifts; exit if spot breaches invalidation.
Exploits front-end IV elevation vs back-end; slight bullish tilt.
Outperforms: Sells short call, buys later call to benefit from time decay and IV normalization.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long strangle
Buy 2026-08-21 $100.00 put + buy $145.00 call
Debit: $11.88-$14.52
Max loss: $14.52
Max gain: Unlimited
BE: 85.48 / 159.52
High IV and 100% beat rate suggest potential large move.
Outperforms: Buy OTM strangle to capture earnings move amid high IV.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!Macro risk: tech selloff (QQQ -4.8%) and VIX 21.5.
!Gamma pinning near max pain $116 for 6/5 expiry.
!Earnings 47 days out: long wait increases uncertainty despite high beat rate.

What to Watch

?Spot price vs $116 max pain for 6/5 expiry.
?Volume at $120-$150 call wall for resistance.
?Any pre-earnings guidance or macro catalysts.
How to Use These Reports
This earnings reflects the market close on June 5, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.